If you’re too frightened to part from the cash in your pocket then don’t read this.
This week I attended a #PowerUp seminar organised by Natwest. Speaker Jonathan Davies from Worldpay offered some useful insights into the use of digital currency; where we have come from and where we will be in the near future.
In 2005 cash spend dropped by 64% and by 2020 there will be approximately 25 Billion ‘things’ that will be connected, according to Jonathan Davies.
Furthermore, it’s estimated that by 2025 cash spend will drop by 27% and the use of digital pay will grow by 1.75 Billion.
2016 marked the year when card payments took over cash payments, predicting that mobile payments are going to overtake cash by 2020 – a growth of 300%.
Interestingly, from personal experience the Apps platform on your new phone asks for payment information before you can download a free or paid for App. Whether it’s liked or not, the use of physical cash is diminishing and we will have no choice but to use digital payment as technology advances.
Please note: stats refer to the UK market.
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